PRVH
Providential Subsidiary SlimTech Inc. Receives Firm Orders for LCD
Flat-Screen Monitors Valued At More Than $330 Million Providential Expects
Combined Revenues of Portfolio Companies to Exceed Half a Billion Dollars for
FY 2003
FOUNTAIN VALLEY, Calif., May 14, 2002 (BUSINESS WIRE) -- Providential Holdings
Inc. (OTCBB:PRVH) today announced that SlimTech Inc., a majority-owned
subsidiary of the company, had received firm orders for LCD flat-screen monitors
valued at more than $330 million for the next 12 months from major domestic and
overseas distributors.
John Parc, president of SlimTech, commented: "We are in an exciting position to
make a very big impact on the LCD monitor market. With our existing network and
resources along with our recent merger with Providential Holdings, SlimTech has
the potential to be a leader in the world market."
Henry D. Fahman, chairman and CEO of Providential Holdings, remarked, "We are
delighted that SlimTech has secured such high-volume orders which should
translate to accelerated revenue growth and profitability for Providential in
the near future."
Fahman added, "If we succeed in implementing our business strategy, Providential
may well surpass half a billion dollars in combined revenues for fiscal year
2003."
About SlimTech
SlimTech, a Nevada corporation, is a first-tier supplier of LCD flat-screen
monitors and other consumer electronics to distributors, wholesalers and major
corporate customers. The company's Web site is at: slimtech-us.com.
About Providential
Providential Holdings, a diversified service and manufacturing company, engages
in selective technologies, capital and financial services, international markets
and special situations. Products and services include liquid crystal displays
(LCDs), information technology, identification technologies, industrial
machinery and equipment, telecommunications, and computer hardware and software.
The company also provides expertise on trade commerce, financial services, and
mergers and acquisitions, especially for companies in the United States and
emerging overseas markets with high potential for growth. The company's Web site
is at: prvh.com.
Safe Harbor: Except for historical information contained herein, the statements
in this news release are forward-looking statements that are made pursuant to
the safe harbor provisions of the Private Securities Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause a company's actual results in the future to differ materially
from forecasted results. These risks and uncertainties include, among other
things, the company's ability to attract qualified management, raise sufficient
capital, and effectively compete against similar companies.
CONTACT: Providential Holdings Inc., Fountain Valley
Henry D. Fahman, 714/849-1577
henry@prvh.com
or
SlimTech Inc.
John Parc, 310/936-1145
johnnie@slimtech-us.com
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-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: ADVERTISING/MARKETING
BANKING
CONSUMER/HOUSEHOLD
MANUFACTURING
TELECOMMUNICATIONS
SOURCE:
Providential
Holdings
Inc.
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